The Canadian company that’s attempting a hostile takeover of the Iowa-based Casey’s Convenience store chain has extended its offer to shareholders. Alimentation Couche-Tard’s offer of $36.75 a share for Casey’s stock was to expire on Monday, but the company has now extended the offer another month to September 30th.
Couche-Tard says it has so far been offered only 1.1% of the outstanding shares. ( Couche-Tard news release)
The Ankeny-based Casey’s issued a response to the Couche-Tard extension, saying the number of shares offered has continued to decline from just over 19% on July 12, then down to 12% on August second, and now just over 1%.
The Casey’s statement says company officials are not surprised in the drop in shares offered as Casey’s says it will deliver significant additional upside to stockholders through the execution of its business plan and strategic growth initiatives when compared to what it calls Couche-Tard’s “inadequate” offer.
Casey’s recently took action to help fight off the takeover attempt by announcing the company plans to purchase just over 13-million shares of its stock at a price of $38. Casey’s says it will spend about $500-million to purchase the stock and is benefiting from historically low interest rates.